Nouakchott, Mauritania, January 15, 2019 —IFC, a member of the World Bank Group, today announced an advisory agreement with the Government of Mauritania to improve the business environment and strengthen entrepreneurship in the country.
Mauritania has made significant strides in recent years in improving its business environment: Since 2015 Mauritania has moved up 28 places in the World Bank Group’s flagship yearly Doing Business report rankings and was among the top 10 reformers in the 2016 edition. Despite this progress, Mauritania’s private sector remains mostly informal and businesses are constrained by the legal and regulatory framework. These constraints include weak property rights, the lack of an effective commercial justice system, difficult access to credit, and sometimes complex cross-border trade procedures.
Under agreement signed this week, IFC will provide advisory services to help address these legal and regulatory constraints. IFC will also work with the government to build a sustainable entrepreneurship program to make it easier for MSMEs – particularly those led by women and youth – to grow.
Aliou Maiga, IFC Director for West and Central Africa, said: “These major reforms will help create a sustainable and dynamic small business sector in Mauritania, making it easier for Mauritanians to create and grow their businesses. I am confident that Mauritanian youth – including women – will see entrepreneurship as a realistic path, and in the process create jobs and help the country’s economy move forward”.
The project, which is funded by the Government of Japan, will run until June 2020.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org
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